Bank queries appointment of Grant Thornton as Goldman auditor

Goldman has used PWC as its auditor since 1926 and paid it more than $50 million in 2016CARL COURT/GETTY IMAGES

The Bank of England is examining whether an American investment bank may appoint an accountancy firm outside the Big Four as its British auditor over concerns that its chosen company lacks the resources of its elite rivals.

Goldman Sachs has held discussions with Grant Thornton, the fifth largest audit firm by fee income in Britain, as the bank approaches a review of its audit relationship in the UK in 2022.

However, the Bank’s Prudential Regulation Authority, which was set up after the financial crisis to protect the stability of Britain’s banking industry, has flagged concerns about the potential appointment within the industry, according to two people familiar with the matter.

The PRA requires that an auditor of a British bank has the “required skill, resources…

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